Brief factors to consider before Starting a Small Business of your own

Brief factors to consider before Starting a Small Business of your own

Decide what type of business you want to establish;
 This will determine what kind of capital and documentation you’ll need. Be aware of the current national or local policies in the country you reside that might have an impact in your plans.

Find the sources of the required capital;

with the effects of the global recession almost over, getting capital from financial institution is much easier. You can also seek other investors to help you generate the required start up capital.

Choose the location of your business;

the location of your business will be determined by the product or services you offer. The location choice is also determined by the availability of a premise where your business can be set up. A prime location is important since that can guarantee customers will be readily accessible. As in many other African countries, securing a very lucrative premises especially in better location could prove to be costly.

Formulate a policy for the running of your business;

This is the step where you determine any extra services that you will offer to the customers as well as the basis on which you will price your products and services.

Make investments to enable the business to offer services;

Basic office equipment includes furniture, interiors, computer, telephones, scanners, copiers and fax and any other machine that would be required in the course of time. Remember to hold a grand opening ceremony for the opening of your business to help inform customers about your entry into the market.

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Editor’s note: This is a guest post by Bryan Brain, founder of the blog Bizi Zone. This article basically contains few points to consider when one is starting a business

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